A 3,391 square foot unit, located in the popular Bukit Timah Plaza mall, has been listed for sale at the asking price of $9.8 million ($2,890 per square foot). The property is approved for restaurant use and presents a discount of 12% from its previous listing price of $11 million in 3Q2022. This exclusive listing is being marketed by Clemence Lee, the executive director of capital markets at CBRE.
Nestled in the basement two level of the mall, the unit boasts an impressive 20-meter frontage that faces the central plaza. According to Lee, the unit has been fully leased and will be sold along with its existing tenancy. It holds a 99-year lease from 1976, which means that it still has a remaining lease of 50 years.
The asking price is in line with the last two transactions for units in basement two of the mall. In March 2024, a 441 square foot unit changed hands for $1.43 million ($3,240 per square foot), while an 850 square foot unit was sold for $2.5 million ($2,940 per square foot), based on lodged caveats.
When it comes to investing in Singapore’s property market, foreign investors must familiarize themselves with the regulations and limitations in place. For the most part, foreigners are able to buy condos without facing many restrictions, unlike landed properties which have stricter ownership rules. However, foreign buyers are still subject to the Additional Buyer’s Stamp Duty (ABSD) of 20% for their initial property purchase. Despite the added costs, the reliability and potential growth of the Singapore real estate market continues to entice foreign investment. So, it’s a good idea to consider buying a Condo for your investment in Singapore.
Bukit Timah Plaza is a mixed-use development that was completed in 1979. It features a four-storey retail mall and two apartment blocks, which house 269 residential units at Sherwood Towers. The mall attracts a significant amount of foot traffic, thanks to its location and amenities. Among its many offerings, it boasts one of the largest Fairprice Finest supermarkets in Singapore, sprawling over 44,000 square feet, according to CBRE.
Situated at 1 Jalan Anak Bukit, the mall is conveniently located within walking distance of both the Beauty World and King Albert Park MRT Stations on the Downtown Line. It is also surrounded by numerous private residential developments, with an estimated population of 37,000 people. The area is also home to several prominent educational institutions, including the Singapore Institute of Technology (SIT), Singapore Institute of Management (SIM), Ngee Ann Polytechnic, Methodist Girls’ School, and Pei Hwa Presbyterian Primary School.
The Bukit Timah Plaza area is currently undergoing a rejuvenation, with the addition of new mixed-use and integrated developments. These include the upcoming The Reserve Residences and the redevelopment of the former Bukit Timah Market and Food Centre, which is expected to be completed in late 2029.
The unit in question is being offered for sale through an expression of interest on Mar 19. To view other available listings for properties at Bukit Timah Plaza and Sherwood Towers, please visit the CBRE website for more information.